NEW YORK - Investment bank Morgan Stanley (MS) says its first-quarter income rose 18 percent from a year ago, helped by its trading and merger and acquisitions advisory businesses.
Morgan Stanley earned $1.4 billion, up from $1.2 billion in the same period a year ago. Earnings per share, excluding one-time items, were 68 cents per share. That easily beat the 61 cents per share analysts were expecting.
Revenue from continuing operations was $8.8 billion, ahead of the $8.5 billion analysts had expected.
All major segments of Morgan Stanley's business increased.
Institutional securities, Morgan Stanley's trading, M&A advisory and stock sales division, grew the most. That division earned $1.2 billion versus $1.1 billion a year ago.
Morgan Stanley's stock rose $1.01, or 3.4 percent, to $30.80 in pre-market trading.